The import expenditure fell even steeper by 9.3 percent YoY to US $ 1.43 billion with money spent on all three major import categories—consumer, intermediate and investment goods declining..
The trade gap narrowed 16.3 percent YoY to US $ 635.7 million in February and the trade gap narrowed 20.3 percent YoY in the first two months of 2013.
Export ear nings from agriculture exports fell 5.9 percent YoY to US $ 174.5 million. Earnings from tea exports and rubber exports fell 1.6 percent and 12.1 percent to US $ 103.4 million and US $ 66.1 million respectively.
However, earnings from textile and garment exports rose 8.8 percent to US $ 371.6 million.
Meanwhile, the import expenditure on fuel imports fell 17.2 percent YoY to US $ 17.2 percent while consumer goods imports fell 16.9 percent YoY to US $ 208.7 million.
Expenditure on textile and textile articles during February rose 18.3 percent YoY to US $ 355.6 million.
Expenditure on the import of machinery and equipment and building materials rose 3.1 percent and 4 percent YoY to US $ 166.5 million and US $ 104.6 million, respectively.
However, the import expenditure on transport equipment fell 28.2 percent to US $ 84.2 million.
During February, Sri Lanka received US $ 490 million as workers’ remittances, up by 4.2 percent and Colombo Stock Exchange received US $ 8.2 million in portfolio investment against US $ 16.3 million in February 2012.
Earnings from tourism during the month rose 20.7 percent YoY to US $ 102.6 million while inflows to the government-- T-bills and bonds and long term loans-- rose 31.3 percent to US $ 699.4 million.
The gross official reserves during February weakened slightly to US $ 6, 670 million from US $ 6,855 million in January.
In terms of months of imports, gross official reserves were equivalent to 4.3 months of imports.